Special Disability Trusts are very helpful for parents and immediate family members to plan for the future care and for the on-going accommodation needs of a person with a severe disability. These trusts do not need to be established under your will.
The assets in a Special Disability Trust up to a value of $596,500.00 (indexed upwards each year) are not taken into account in relation to the social security entitlements of the disabled person.
A Special Disability Trust must be for the benefit of only one disabled person, its purpose must be to provide for the accommodation and care of that person.
If you wish to provide in your will for a disabled person, a Special Disability Trust could be an advantageous option. We often recommend that your will enables your executors to consider establishing such a Trust for a person under a special disability.